Texas is advancing a new bill to regulate the cryptocurrency market

ChainCatcher News, Texas State Representative Giovanni Capriglione has submitted Bill No. 166 (HB 1666) to the House, which will impose some regulations on Texas's unregulated cryptocurrency market to protect investors using digital asset exchanges like Coinbase, Cash App, and Kraken.

It is reported that the bill will require digital asset exchanges to verify that they have sufficient reserves to pay customers; prohibit exchanges from mixing consumer funds with company assets; and require independent audits of reports submitted to the Texas Department of Banking. Capriglione stated that a similar bill, SB 770, has been submitted to the Texas Senate, and if either bill is passed, it will be the first such regulation in the country. (Source link)